Virgin Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Virgin offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Virgin and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA concerning my remortgage because I have just won a fixed term contract of four years (on a grad scheme). My contract begin date earlier this year. I am seeking a three year fixed rate mortgage. Property value £325k, I want to borrow £150,000. I bought the property three years ago for £157,000 and I currently owe 120K to Virgin
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 95k contractor mortgage with a lender such as Virgin?
What criteria does a mortgage lender (for example Virgin) adopt to categorise a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
Myself and my husband are currently about to apply for a mortgage with Virgin. Next month I commence working as a contractor. My husband is full time employed and so does have a meaningful income. Is it going to be a case of just getting a non-contractor mortgage with Virgin in my husband’s name only?
How can I make myself more attractive to a lender such as Virgin when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
The content set out above is in relation to properties in England and Wales.
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